Waiting for “another 60 days” is playing with Madeira

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Agostinho Silva

Miguel Albuquerque sent a very critical presentation to the President of the Republic last Friday morning, giving an account of the “very serious situation” of economic and social emergency – to which the Portuguese State is reacting with indifference and political indecision. It was this letter that motivated the sudden communication from Belém, also on Friday.

Albuquerque points to Marcelo what he considers the State’s obligation to do right away and without further delay: authorizing Madeira to trigger an additional net debt operation, estimated at 300 million euros, as well as postponing the payment of two tranches due by PAEF ( 48 million in July and the same amount in January).

The Albuquerque letter clarifies two misunderstandings: Madeira does not need the State’s approval, given the balance of its public finances, nor do the required authorizations imply any additional cost for national public accounts.

To send “wait another 60 days” is to play with Madeira – concludes Albuquerque.

More details in the print edition of JM this Monday.

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